Remove Backup offer Remove Construction Remove Earnest money deposit Remove New Construction
article thumbnail

Contingent vs. Pending: Real Estate Lingo Explained

RIS Media

The contingent status typically allows the home to be shown to other possible buyers, allowing backup offers to be made. Doing so could mean the forfeiture of their earnest money deposit. Lenders aren’t going to provide money for a property that the buyer’s offer has overvalued.